Dow Chemical 2013 Annual Report Download - page 50

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The Dow Chemical Company and Subsidiaries
PART II, Item 5. Market for Registrant’s Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
The principal market for the Company’s common stock is the New York Stock Exchange, traded under the symbol “DOW.”
Quarterly market and dividend information can be found in Quarterly Statistics at the end of Part II, Item 8. Financial
Statements and Supplementary Data.
At December 31, 2013, there were 69,810 registered common stockholders. The Company estimates that there were an
additional 525,618 stockholders whose shares were held in nominee names at December 31, 2013. At January 31, 2014, there
were 69,486 registered common stockholders.
On December 12, 2013, the Board of Directors declared a quarterly dividend of $0.32 per share, payable January 30, 2014, to
stockholders of record on December 31, 2013. On January 29, 2014, the Board of Directors announced the declaration of a
quarterly dividend of $0.37 per share, payable April 30, 2014, to stockholders of record on March 31, 2014. The 15 percent
increase in the dividend in the first quarter of 2014 demonstrates Dow's commitment to consistently and increasingly reward
shareholders through ongoing earnings growth. Since 1912, the Company has maintained or increased the amount of the
quarterly dividend, adjusted for stock splits, with the exception of February 12, 2009. During this 102-year period, Dow has
increased the amount of the quarterly dividend 50 times (approximately 12 percent of the time), reduced the dividend once and
maintained the amount of the quarterly dividend approximately 88 percent of the time.
See Part III, Item 11. Executive Compensation for information relating to the Company’s equity compensation plans.
Issuer Purchases of Equity Securities
The following table provides information regarding purchases of the Company’s common stock by the Company during the
three months ended December 31, 2013:
Issuer Purchases of Equity Securities
Average price paid
per share
Total number of
shares purchased as
part of the Company's
publicly announced
share repurchase
program (1)
Approximate dollar
value of shares that
may yet be purchased
under the Company's
publicly announced
share repurchase
program (1)Period
Total number of
shares purchased
October 2013 238,000 $ 39.32 238,000 $ 1,356,458,256
November 2013 2,613,300 $ 39.37 2,613,300 $ 1,253,577,619
December 2013 1,533,869 $ 39.17 1,533,869 $ 1,193,489,017
Fourth quarter 2013 4,385,169 $ 39.30 4,385,169 $ 1,193,489,017
(1) On February 13, 2013, the Company announced the Board of Directors approved a share buy-back program, authorizing up to
$1.5 billion to be spent on the repurchase of the Company’s common stock. Purchases under this program began in May 2013.
On January 29, 2014, the Board of Directors announced an expansion of the Company's share buy-back authorization,
authorizing an additional amount not to exceed $3 billion to be spent on the repurchase of the Company's common stock over a
period of time. As a result, the authorized amount of the current ongoing share repurchase program has increased to $4.5
billion. The Company expects the share repurchase program to be completed in 2014.